ArcelorMittal Hit With €7 Billion Claim Over Troubled Steelworks

The state-appointed administrators of Italy’s largest steelworks sued former owner ArcelorMittal SA, seeking €7 billion ($8.2 billion) for alleged “mismanagement” of the beleaguered plant.

Administrators for the Acciaierie d’Italia site accused Europe’s biggest steelmaker of pursuing a strategy to extract resources from the plant from 2018 to 2024, ultimately leading to its collapse, according to a document seen by Bloomberg News. The firm was also criticized for failing to maintain and invest in the steelworks.